The Victoria's Secret model and the NBA star, who tied the knot in a private civil ceremony in Jackson Hole, Wyoming on Valentine's Day in 2009, plan to continue co-parenting their two daughters, Valentina, four, and 19-month-old Sienna.

In a joint statement to PEOPLE.com on Friday (05.02.14), the former couple said: "After long and careful consideration, we have decided to separate after five years of marriage.

"We are grateful to be the parents of two incredible young daughters that we will continue to co-parent. We would greatly appreciate your respect for our family's privacy as we begin this delicate next chapter for all members of our family."

The 32-year-old Brazilian beauty met the Serbian professional basketball player at a party in Los Angeles in 2006, and Adriana previously claimed they lived every day like it was their "honeymoon."

Shortly after they married, she said: "Our life, we live in a honeymoon. I never saw myself being married. But after I met him, everything changed. I knew he was the one and I could see myself married with him and with a big family."

The brunette model, who lives in Miami, also gushed about her love of motherhood in the past and said: "The best job in the world for me is being a mom."